The markets continued to trade higher today as investors were hopeful that the latest government report showing slow economic growth will prompt the Federal Reserve to extend its stimulus plan.
The Commerce Department said US GDP grew at a 1.8% annual rate in the first quarter, a revision from the 2.4% estimate issued earlier in the year. Meanwhile, the latest data from the Mortgage Bankers Association showed a slowdown in home buying activity as weekly mortgage applications fell 3% from a week earlier.
Cereal maker General Mills (NYSE:GIS) posted earnings which matched analysts' estimates but shares edged lower as the company reported a weaker-than-expected outlook for fiscal 2014.
Tomorrow, we'll take a look at the numbers for weekly jobless claims as well as earnings from ConAgra (NYSE:CAG).
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